Tax and Superannuation Laws Amendment (2016 Measures No. 1) Act 2016 (52 of 2016)

Schedule 2   GST treatment of cross-border transactions between businesses

Part 4   Value of taxable importations

A New Tax System (Goods and Services Tax) Act 1999

22   At the end of section 13-20

Add:

(4) For a *taxable importation that you make, you may choose to treat the amount under paragraph (2)(b), (or, if paragraph (2)(ba) applies, the sum of the amounts under paragraphs (2)(b) and (ba)), as an amount equal to:

(a) the percentage prescribed by the regulations of the *customs value of the goods imported; or

(b) if no percentage is prescribed - 10% of their customs value.

(5) However, subsection (4) does not apply if:

(a) you are not *registered; or

(b) the *local entry of the goods is a *taxable dealing in relation to *wine; or

(c) the importation of the goods is a *taxable importation of a luxury car.